SOL going BONKers. Fed Pivot?

Week in Review:

• Crypto wallet provider Ledger experienced a phishing attack that inserted malicious software into its Ledger Connect Kit. $600K was stolen as a result of this. Ledger has since deactivated the virus. While this issue could have been much worse, it is a reminder to all how easily crypto can be stolen and always to remain vigilant.

• After two months of bullish price action, crypto started to show signs of correcting earlier in the week. That was until the perceived bullish pivot from the FED on Wednesday. The Federal Reserve decided to keep rates stable and plan three rate cuts in 2024. BTC and ETH rallied on the news but have since stalled.

Dogcoin szn is upon us and Solana is without question leading the charge. BONK is up 150x from its October bottom. Some other notable coins:

• MYRO ($50M MC in under a month)

• WIF (10x in a day)

• COQ (AVA memecoin $50M MC in a week)

In previous weeks, we saw onchain money accumulating “fundamental” plays like AI & DeFi. While that is still happening, memecoins are taking up all the attention.

Legendary BONK trader turned $16K into $10M+. Will he sell?

BEAM

Everyone believes in GameFi's potential, but with hundreds of games out, few know how to make money in this crypto sector. BEAM is a project I’ve had my eye on that provides broad exposure to the gaming landscape.

Snapshot

• Ticker: BEAM

• Price: $0.024

• MC: $1.1B

• FDV: $1.5B

• Supply: 47B (75% circulating)

• Total Supply: 62.5B

What is BEAM?

BEAM is a blockchain built for gaming. It's an ecosystem for games rather than a single name. Devs can make games that strip away the complexity of the blockchain. Gamers can play w/o being overwhelmed by "blockchain." The result is an immersive experience with hundreds of different games.

BEAM operates on an Avalanche subnet, leveraging a Proof of Authority consensus mechanism. BEAM integrates with LayerZero to facilitate the cross-chain transfer of tokens and NFTs. This allows for:

• Scalability - 4500 transactions per second

• Speed - one-second finality

• Low transaction fees - fraction of a cent

• EVM compatible - write in solidity, deploy on BEAM

BEAM empowers the user through wallets:

Smart wallets (called Accounts) allow gamers to choose their own experience. Non-crypto natives can play the games without worrying about storing their NFT or spending money on transactions. On the other side of the spectrum are crypto-native degens. They can have complete control, from ownership to buying/selling NFTs.

BEAM has done away with seed phrases and uses social recovery.

What can you do today on BEAM?

• BeamOS: Gateway to BEAM. The central hub for all BEAM-related tools, applications, and features.

• Companion: iPhone app Beam Swap: DEX to swap tokens

• Bridge: Bridge tokens to and from BEAM.

• Sphere: An NFT marketplace for trading game assets.

BEAM Token + Treasury

The BEAM token is used mainly for transaction fees and to vote on governance proposals. I could not find an updated token distribution breakdown.

BEAM also has a diverse portfolio of games + NFTs. They have invested in many of the Web3 games people are excited about. Here is their latest report for September 2023. Highlights.

• $94.8M in the Treasury

• $1.3M in buy/burn

• Notable investments - DeLabs ($100K), Aethir ($1.5M), & Amino ($400K)

• Treasury holds liquid crypto, NFTs, and venture investments, primarily in other games

BEAM recently announced a partnership w/ Polygon & Immutable that will allow their gaming marketplace, Sphere, to migrate to both chains.

In conclusion, Crypto games are gaining steam, but w/ hundreds of games out, it can be hard to know where to start. BEAM presents a unique opportunity, supporting the infrastructure for creating games while investing in many Web 3 games. I would like to see a further breakdown of the tokenomics for this project, but I will continue to follow this project closely.

🤑 Notable Raises

• Dynamic - $13.5M series A. Sector: Decentralized ID/AA. Lead investor was a16z. Notable investors include Founder’s Fund & Castle Island Ventures.

• Seam Social - $2.5M seed raise. Sector: SocialFi. Lead investor was 1kx. Notable investors include Seed Club Ventures & Sfermion.

• Babylon - $18M seed. Sector: Bitcoin. Lead investor were Polychain & Hack VC. Notable investors include Framework & Castle Island Ventures.

• Sindri Labs - $5M seed. Sector: zk. Lead investors was Coinfund.

• Shadow - $9M. Sector: Data. Lead investors was Paradigm. Notable investors include Coinbase Ventures & the ETH Foundation.

• Eclipse: High profile SVM is live on Testnet.

• Trader Joe: Launches a DEX on Mantle called Merchant Moe ($MOE).

• Synthetix: Changes Tokenomics to reduce inflation to zero.

• Worldcoin: Upgrade allows users to sign into websites with their WorldID.

• ETH: Vitalik proposes building a zk-EVM directly into the L1 mainchain.

• Project Diamond: Coinbase launches a smart contract platform for institutions.

• CZ: Confined to US soil until after his sentencing is complete.

• El Salvador: Volcano-powered bonds scheduled for launch in Q1 2024.

• Jamie Dimon: Calls for the ban of crypto and that it’s only use case is for crime.

• Vitalik: Video on Vitalik’s d/acc opinions and other philosophies.

🫡 Chart of the Week

SOL shitcoin szn is in full effect. BONK has gone parabolic over the past couple months and is showing no signs of slowing down.

See you next week,

Mid-Curve Team

The Mid-Curve newsletter is intended purely for educational and informational purposes and should not be construed as financial advice. We encourage all our readers to conduct their own research or seek advice from a certified financial advisor before making any investment decisions. Please note that members of the Mid-Curve team may hold positions in some of the investments discussed in our newsletter.